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Dill's Economics Voc

What is an Economy? The careful management of producing, distributing, and consuming wealth and resources.
What is an Economic System? System of organizing wealth and resources.
What is a Market Economy? System in which resources are owned by private citizens and economic answers come from citizens participating in the economy.
What is a Command Economy? System in which the government makes the economic decisions and owns most of the property.
What is a Traditional Economy? System in which decisions are made based on how things have been done in the past.
What is Productive Resources? Term referring to natural resources, labor/human resources, and capital resources.
What is Natural Resources? Resources that are found in the environment.
What is Labor Resources? People who work.
What is Capital Resources? Goods used to make other goods or provide a service.
What is Renewable Resources? Resources that can be replenished naturally.
What is Non-renewable Resources? Resources that can be depleted from the environment.
What is Goods? Things or items we use that are produced.
What is Services? A job done for someone else.
What is a Market? Anywhere goods are sold or traded.
What is a Consumer? Anyone who uses goods and services.
What is Wages? An amount paid to an individual for services provided.
What is Capitalism, free market, laissez-fair? Other names for a market economy.
What is Scarcity? An inadequate supply of resourcse (not enough).
Created by: dcss6g2p